Muehlhan AG publishes 2014 nine-month figures

Muehlhan AG publishes 2014 nine-month figures

Improved sales revenues and EBIT

Outlook reaffirmed

Hamburg, 14 November 2014 - Muehlhan AG (Entry Standard; ISIN DE000A0KD0F7) has concluded the first three quarters of 2014 with sales revenues amounting to €165.7 million (previous year: €152.5 million) and earnings before interest and taxes (EBIT) of €5.9 million (previous year: €5.0 million). Results after tax, amounting to €2.2 million, are slightly above the previous year’s equivalent figure of €2.1 million. These include the one-off financing costs of €0.6 million arising from the redemption of the existing bond, carried out as part of the successful refinancing in the third quarter of 2014. A tranche of the refinancing has been reserved for the strategic investments which already began in the third quarter of 2014 (Q3 2014: investments in fixed assets of €4.8 million, compared to the previous year’s €1.1 million).

The third quarter showed pleasing operational results. These included sales of €59.0 million (previous year: €56.3 million), and an EBIT of €2.8 million (previous year: €2.7 million).

A geographical consideration of these sales revenues and results (EBIT) reveals a varying picture. The position in Europe has clearly improved in this respect, with sales revenues of €136.9 million, compared to the previous year’s figure of €122.4 million. From an earnings standpoint, EBIT of €10.5 million likewise represented an improvement over the previous year’s figure of €6.7 million. This was due to a considerable extent to business transactions involving the North Sea oil and gas sector, which had continued to be seriously affected in the previous year by a ban on the flying of transport helicopters. The Group’s results In North America were meanwhile, due to the end of a major project, well below those of the previous year, in terms of sales of €13.0 million (previous year: €15.2 million) and also EBIT of - €0.1 million (previous year: €2.0 million). Developments in the Asia region were considerably more positive in this respect, with sales revenues up by €1.3 million to €15.8 million and EBIT up by €1.7 million to €0.9 million; both compared to their respective figures from the previous year. This was due to the closure in the previous year of loss-making activities in Qatar und China, as well as to the recovery, based on general improvements in the economy, of the fire-protection sector in the Middle East.

In terms of business segments, the maritime divisions of Ship Newbuilding and Ship Repair delivered sales revenues of €50.5 million, which were at the same level as the previous year’s €50.1 million. The Energy segment generated total sales of €44.1 million, compared to the previous year’s €35.4 million. Clear increases were achieved in the offshore oil and gas subsegment in this respect. The Industry segment was able to deliver sales revenues of €39.9 million (previous year: €37.8 million). This included reduced sales revenues in the US bridge coating business, which were nevertheless more than compensated for by increased sales in the fire-protection subsegment. Sales revenues from Other services amounted to €31.2 million, an increase of €2.5 million with respect to the previous year’s figure (€28.7 million). Scaffolding and steel construction were likewise both able to generate higher sales revenues.

After taking all the influencing factors into account, the Executive Board can affirm its adjusted outlook for 2014 issued on 29 September of the same year. Earnings before interest and tax (EBIT) for 2014 are expected to total between €5.0 million and €7.0 million.